UCITS Portfolio X-Ray

What this page covers

Morningstar X-Ray and similar tools are familiar to US investors. European DIY investors holding UCITS ETFs need the same look-through view: not just "60% global, 40% bonds", but how much NVIDIA, Microsoft or ASML you effectively own through every fund and wrapper combined.

Guardfolio's interactive ETF portfolio X-Ray runs in the browser for US-listed tickers today. This UCITS guide explains the same methodology for European funds and links to overlap resources while verified UCITS holdings are added to the public dataset.

How look-through exposure is calculated

For each fund in your portfolio, multiply your allocation by each underlying holding weight. If the same company appears in several UCITS funds, add those contributions.

Example allocation many European investors recognise: 70% VWCE (or IWDA) and 30% VUAA. Both funds hold large US technology names. A pairwise check might show moderate overlap; a portfolio X-Ray shows your total effective exposure to each company after weighting, which is what matters for concentration risk.

When complete holdings are unavailable, responsible tools keep an explicit unobserved remainder per fund instead of pretending missing holdings do not exist. The US X-Ray documents this behaviour; UCITS pages will follow the same transparency standard as holdings data ships.

X-Ray vs pairwise overlap

Pairwise overlap answers: "How similar are fund A and fund B?" A portfolio X-Ray answers: "Given my weights, how much of my total portfolio reaches each underlying company?" Use both: overlap for fund selection, X-Ray for position sizing and concentration limits.

UK and European investors

UK investors often hold UCITS ETFs in ISA and SIPP wrappers. See portfolio tracker UK for multi-wrapper monitoring and Guardfolio vs Sharesight if you split tax reporting and risk monitoring across two tools.

For a wider tool comparison across regions, read best portfolio tracker for international investors.

Questions